BITCOIN SEASON 2: Why tokens don't work (except for Bitcoin)

Gwart discusses the death of the fat protocol thesis, why DAOs became dysfunctional, and crypto's shift from public goods delusion to revenue-focused businesses. Plus thoughts on Bitcoin maximalism and Solana's pragmatic approach.

Jul 9, 2025

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Gwart joins us to talk about the collapse of crypto's "public goods" era and why the revenue meta is taking over. We dive deep into the fat protocol thesis, why DAOs failed, the difference between Bitcoin and crypto, and how builders are finally focusing on sustainable businesses instead of token hacking.

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**NOTES:**

• Pump.fun crossed hundreds of millions in revenue

• Fat protocol thesis originated 2016-2017

• iPhone example: $1,000 vs theoretical $10,000

• Uniswap has fee switch but hasn't turned it on

• Thread guy has 5% Bitcoin portfolio allocation

• Bitcoin could 10x in next five years

Timestamps:

00:00 Start

01:59 Bitcoin vs Crypto

06:08 What does Gwart "believe" in?

08:33 Revenue Meta & Fat Protocol Thesis

13:36 Interpreting the Fat Protocol Thesis

19:25 Analogies to Linux, etc

27:18 Is the DAO dead?

31:27 Devs

37:35 Creators of the Revenue delusion

40:46 Are stonks the new tokens?

45:01 Solana maxi

50:22 Real World Assets ;P

53:10 Minting new BTC maxis

👋Bitcoin Season 2 is produced Blockspace Media, Bitcoin’s first B2B publication in Bitcoin. Follow us on Twitter and check out our newsletter for the best information in Bitcoin mining, Ordinals and tech!

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